State Grid Corp. will buy the shares in CPFL Energia SA it does not currently own and then delist the Brazilian power company, the Reuters news agency reports.
The report cites securities filings to stock exchanges in New York and São Paulo that detail an offering of 25.51 reais (US$8.26) for outstanding CPFL shares held by minority shareholders.
The Chinese utility giant bought a 54.64-percent stake in CPFL last month for 14.19 billion reais. It was State Grid’s biggest overseas investment to date.
The utility began operating in Brazil in 2010 and says it manages 10,000 km of power transmission lines.